Building A Stable Ecosystem Slowly
When we build a crypto from scratch, we need to be aware of a solid foundation so the currency can grow organically in market cap over time. Too many cryptos apply marketing much to early, thus they never see mainstream adoption like Bitcoin or Dash.
Gauging demand for Steemit
The first priority for Mitchell is for him to reliably predict demand for Steemit. Uncertainty and dead users can lead to volatile price spikes in Steem price. Everyone intentions here on Steemit are a mystery so behaviour can be difficult to predict.
The biggest problem is if we try to predict demand, we must also take into account the artificial demand created by speculators. How much of the $1.3M Steem traded daily is real Steemians cashing out? Does anyone care about this stat? They should!
In the fiat world, the central banks can alter the money supply, but with Steemit this is not the case in a decentralized network. Steemit requires a different tool to control volatility spikes. Volatility requires to be squashed and this can be a tough gig without compromising the freedoms of our beloved Steemians.
As the end of the day, this is but one reason why Steemit has not gone mainstream. There are many others like: lack of killer edge, lack of local exchanges, too much marketing at an early stage etc etc.
For me slow and steady wins the race for Steemit. With daily volumes now over $1M this crypto can go places. Let us place our faith in @ned / @andrarchy and Mitchell and trust that they can always nudge us in the right direction.
Have a great day wherever your reading this in the world.
Steem on!